In a rare show of division among the normally harmonious club of wealthy nations, the six other G7 member countries issued a statement asking U.S. Treasury Secretary Steven Mnuchin to convey their “unanimous concern and disappointment” about the tariffs to President Donald Trump.
“We’re concerned that these actions are actually not conducive to helping our economy, they actually are destructive, and that is consistently held across the six countries that expressed their point of view to Secretary Mnuchin,” Canadian Finance Minister Bill Morneau said at a news conference after the meeting ended in the Canadian mountain resort town of Whistler, British Columbia.
Speaking separately after the meeting, frequently referred to as the “G6 plus one,” Mnuchin told reporters that he was not part of the six-country consensus on trade and said Trump was focused on “rebalancing our trade relationships.”
Mnuchin rejected comments from some G7 officials that the United States was circumventing international trade rules with the tariffs or ceding leadership of a global economic and trading system it largely built after World War Two.
“I don’t think in any way the U.S. is abandoning its leadership in the global economy, quite the contrary. I think that we’ve had a massive effort on tax reform in the United States which has had a incredible impact on the U.S. economy,” Mnuchin said.
The U.S. Treasury chief said he has already relayed some of the G7 comments to Trump and added that the U.S. president would address trade issues with other G7 leaders, but declined to speculate on any outcomes.
The 25 percent steel and 10 percent aluminum tariffs were imposed this week on Mexico, Canada and the European Union after temporary exemptions expired.
The statement, written by Canada, also called for “decisive action” to resolve the tariff dispute at a G7 leaders’ summit starting on Friday in Charlevoix, Quebec.
